OIL FUTURES: Crude rally extends amid weaker dollar, improved demand outlooks

摘要

Crude oil futures settled higher April 13 on the back of a weaker US dollar and improved global demand outlook. NYMEX May WTI settled up 48 cents at $60.18/b and ICE June Brent moved 39 cents higher to $63.67/b. In its closely watched monthly oil market report released April 13, OPEC raised its demand forecast by 190,000 b/d from its March estimate, expecting consumption to average 96.46 million b/d this year, citing economic stimulus programs and a further easing of COVID-19 lockdown measures. Year on year, global oil demand was projected to grow 5.95 million b/d in 2021, compared with the 5.89 million b/d forecast in March. NYMEX May RBOB was up 57 points at $1.9757/gal and May ULSD climbed 65 points to $1.8145/gal. Rising rates of infection from coronavirus and new lockdowns across Europe, Latin America, and India has resulted in four straight months of declining demand totaling 3.4 million b/d since December, according to S&P Global Platts Analytics data. However, strong demand growth is expected from May to August, driven predominantly by seasonal factors as well as government stimulus and economic recovery, will see demand rebound 7.2 million b/d — threefold the normal seasonal response.